SOON Foundation announced a significant governance proposal to address recent price manipulation incidents by destroying 30 million SOON tokens, accounting for 3% of total supply. This measure is aimed at restoring investor trust and mitigating market volatility.
SOON Foundation's 30 Million Token Burn Plan
SOON Foundation responds to market volatility by proposing a strategy that includes the destruction of 30 million tokens. This initiative aims to target unclaimed tokens and plans further purchases from exchanges. Increased communication via Twitter AMA also forms a critical part of their response, with leadership from Joanna and Henry ensuring transparency.
Price Impact: SOON's Recent Volatility
SOON has experienced significant volatility, with a 30.34% drop in price over the past week. The latest data shows that SOON's price currently stands at $0.17 with a market cap of $29,261,271, which marks a 6.40% increase in the last 24 hours. The forthcoming governance proposal may further bolster confidence by stabilizing supply.
Strategic Importance of the Initiative
The Coincu research team emphasizes that if implemented effectively, the token burn plan could change perceptions within the crypto space, influencing similar governance strategies amongst other projects. This strategic reduction aims to reflect successful precedents.
The SOON Foundation proposes a strategy aimed at mitigating market volatility while enhancing transparency and community trust. The focus on substantial token burn and increased communication seeks to address concerns related to market fluctuations.
